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Free and Open Source ERP - ERP next

  Introduction What is an ERP system? And why should businesses use it? Today, small and medium-sized businesses (SMEs) also face some of the problems that large enterprises do. One of them being planning and managing their resources. SMEs face similar complexities but have limited resources to deal with them. Small businesses (like their bigger counterparts) have to: Do accounts to track their sales/purchases. Do their taxes. Pay their employees. Manage deliveries within promised timelines. Deliver quality goods and services. Communicate with customers, answer their queries. Large enterprises invest millions of dollars in highly sophisticated systems like SAP. SAP and similar systems are able to handle requirements from these large enterprises to bring their  multi-country ,  multi-company ,  multi-currency , global businesses into a single platform. This has helped them achieve consolidation of data/records in the fundamental processes such as accounting, taxation, payroll, reporting
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SAP FI Posting period variant

SAP FI Posting period variant is used to maintain accounting periods that are open for posting and all closed period are balanced. This is used for opening and closing period in the fiscal year for posting purpose. You can assign these posting periods to one or more company codes. How to create posting period variants in SAP FI? Go to SPRO → SAP Reference IMG → Financial Accounting → Financial Accounting Global Setting → Document → Posting Periods → Define Variant for open Posting Periods → Execute. It will open a new window. Now, click New Entries. It will open another window, as shown below. Enter the 4-digit Posting Period Variant and name of the field. Click the Save icon to save this variant. Open and Close Posting Periods Go to SPRO → SAP Reference IMG → Financial Accounting → Financial Accounting Global Setting → Document → Posting Periods → Open and Close Posting Periods → Execute. Click the button New Entries, as shown in the following screenshot. Now, you need to provide the
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SAP FI FISCAL YEAR VARIANT

Fiscal year variant contains the number of posting periods in a fiscal year and the number of special periods. You can define up to 16 posting periods in a fiscal year in the controlling component CO. You need to specify the fiscal year variant for each company code. When you create a controlling area, you also need to specify the fiscal year variant. The fiscal year variants of the company code and controlling area may only differ in the number of special periods used. You need to ensure that the fiscal year variants match. In other words, they may not have a time conflict. How to create a Fiscal year variant? Go to SPRO → SAP Reference IMG → Financial Accounting → Financial Accounting Global Setting → Fiscal Years → Maintain Fiscal year variant → Execute. It will open the following window. Click New Entries and it will open a new window as shown below. Provide the following details − FV  − Enter 2-digit Fiscal year. Description  − Enter a description of the Fiscal year variant. Year
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SAP FI Journal Entry Posting

The use of Journal Entry (JE) posting in SAP FI is to take a batch, validate it for consistency, and create FI documents and post those entries in various line item accounts needed for subsequent business processing. JE Posting is a process that, with a few exceptions, runs "behind the scenes" and is the heart of Journal Entry. It receives journal entry data (representing financial transactions) from the PRA modules (Valuation, Revenue Distribution, etc.), and summarizes them in batches and posts them to the PRA JE line item tables and to SAP FI. Journal Entry Posting is the link between the journal entries coming from PRA applications and the FI documents and JE line item table items that are created. How to post a journal Entry in SAP FI? Use  T-code  FB50 → Provide the Company code. Enter the document date as shown below − The next step is to provide the following details − G/L Account  − Enter the account to be credited. Short Text  − Description of amount. Amount in Doc
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SAP FI Financial Statements Version

General Ledger accounts can be used as per legal regulations to generate the final statements. Financial statement versions are used to create the financial statements, to run account balance reports and for General Ledger accounting planning. You can also define multiple financial statement versions to generate financial statements in different formats. Follow the steps given below to create financial statement versions − T-code  SPRO → SAP Reference IMG → Financial Accounting → General Ledger Accounting → Business Transactions → Closing → Document → Define Financial Statement Versions → Execute. Click the button New Entries as shown below − Provide the following details − Enter the Fin. Stmt. Version. Enter the Description of the financial statement version. Maint. Language  − Enter the language key in which you display texts, enter texts, and print statement. Item Keys auto  − It tells keys of financial statement items are assigned manually or automatically when the financial statem
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SAP FI Deleting GL Account

In SAP R/3, go to Accounting → Finance Accounting → General Ledger → Master Records → G/L accounts → Individual Processing → Centrally. In the G/L Account, provide the account number of G/L account and the company code key. To delete a G/L account, click the Delete button as shown below. The next step is to select deletion options for the G/L account − Deletion flag COA Deletion flag in company code. Select the correct check box and click the Save configuration. SAP FI – Modify a G/L Account To modify a G/L account, click the Change option. Refer the following screenshot. The next step is to select the changed field − Click the Save button to effect the changes.
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SAP FI BLOCK GL ACCOUNT

In SAP R/3, go to Accounting → Finance Accounting → General Ledger → Master Records → G/L accounts → Individual Processing → Centrally. In G/L Account, provide the account number of G/L account and the company code key. Click the Block button as shown in the following screenshot. Once you click the Block button, you will get different blocking options such as − Block in Chart of accounts. Blocked for creation Blocked for Posting Blocked for Planning Block in Company Code Blocked in posting
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SAP FI GL Account

General Ledger (G/L) accounts are used to provide a picture of external accounting and accounts and to record all the business transactions in a SAP system. This software system is fully integrated with all the other operational areas of a company and ensures that the accounting data is always complete and accurate. How to Create a New G / L Account? You can use the  T-code  FS00 to centrally define a G/L account. Refer the following screenshot. You can also use the following path − In SAP R/3, go to Accounting → Finance Accounting → General Ledger → Master Records → G/L accounts → Individual Processing → Centrally. In the field G/L Account, enter the account number of G/L account and the company code key and click the Create icon as shown in the following screenshot − The next step is to enter the details in the Charts of Account. Account Group Account Group determines the group for which the G/L account must be created, for example, Administrative Expenses, etc. P&L Statement Acc
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